On December 31 of Swift Co.’s first year, $59,000 of accounts receivable is not yet collected. Swift estimates that $2,900 of its accounts receivable is uncollectible and records the year-end adjusting entry. (1) Compute the realizable value of accounts receivable reported on Swift’s year-end balance sheet. (2) On January 1 of Swift’s second year, it writes off a customer’s account for $300. Compute the realizable value of accounts receivable on January 1 after the write-off.

Domino Company ages its accounts receivable to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $44,010 and $3,440, respectively. During Year 2, the company wrote off $2,620 in uncollectible accounts. In preparation for the company's estimate of uncollectible accounts expense for Year 2, Domino prepared the following aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total Multiple Choice $4,296 What amount will be reported as uncollectible accounts expense on the Year 2 income statement? $1,676 $2,620 Receivables Amount $70,000 $5,116 26,700 6,760 3,420 3,100 $ 109,980 % Likely to be Uncollectible 1% 5% 10% 25% 50%

At year-end December 31, Chan Company estimates its bad debts as 0.30% of its annual credit sales of $812, 000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $406 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. Journal entry worksheet Record the estimated bad debts expense. Note: Enter debits before credits. Please explain and elaborate!

The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,300. During Year 2, $2,300 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $190 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $218,000, and cash collections from receivables were $220,000. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period.  Required Record the transactions in general journal form and post to T-accounts. Based on the preceding information, compute (after year-end adjustment):  (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2.  What amount of uncollectible accounts expense will Renue…

On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $122,535; Allowance for Doubtful Accounts, credit balance of $1,198. What amount should be debited to Bad Debts Expense, assuming 7% of outstanding accounts receivable at the end of the current year will be uncollectible?

Pomona inc. uses the aging method in accounting for uncollectible accounts.  On March 31, the company wrote off an uncollectible account of $2,600.  What effect does the write-off have on the company's financial statements?

At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balance of $5,400; and credit sales for the year total $3,000,000. An analysis of the receivables indicates that uncollectible receivables are estimated to be $45,000. a. Determine the amount of the adjusting entry for bad debt expense.fill in the blank 1 of 2$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Line Item Description Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable.fill in the blank 2 of 2$

At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31

At January 1, 2024, ABC Company reported an allowance for bad debts with a $7,190 credit balance. During 2024, ABC wrote-off as uncollectible accounts receivable totaling $12,530. At December 31, 2024, ABC Company had accounts receivable totaling $325,000 and prepared the following aging schedule: Accounts Receivable not past due 1-39 days past due 40-79 days past due 80-119 days past due over 119 days past due total $167,000 $ 52,000 $ 69,000 $ 26,000 $ 11,000 $325,000 % Uncollectible 2% 8% 14% 22% 45% Calculate the net realizable value of ABC Company's accounts receivable at December 31, 2024.